RNS Number : 0341E
Wyndham York PLC
23 September 2008
WYNDHAM YORK PLC
UN-AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED
31 MARCH 2008
SUMMARY
2008 2007
� �
Revenue 103,000 143,826
Gross Profit 82,213 130,870
Operating Costs (132,621) (142,042)
Exceptional Items (1,066,146) (565,160)
Finance Costs (4,178) (25,999)
Finance income 40,793 -
Loss on ordinary activities before tax (1,079,939) (602,331)
UK Income tax expense (10,961) -
Loss for the financial year (1,090,900) (602,331)
Basic and diluted earnings per share (28.0) pence (25.0) pence
* The Company has repaid all its borrowings in the financial year.
* On 4th April 2007 the company raised gross proceeds of approximately �1million via a placing of 1,492,537 ordinary shares at 67p per
share.
* The Company is reviewing its options in the light of the economic conditions and considering opportunities to participate in
residential property investment and management.
* The Company will be continuing its legal action to recover the balance of monies due from the vendors of the Southport Properties.
For further information:
Wyndham York plc
Chris Phillips (Chairman) Tel: 020 7908 7700
Harvey Shulman (Managing Director) Tel: 020 8349 8842
Jose Gonsalves (Finance Director) Tel: 020 8349 8842
Smith & Williamson Corporate Finance Limited Tel: 020 7131 4000
Dr Azhic Basirov
Joanne du Plessis
Chairman's Statement
Year ended 31 March 2008
For the year to 31st March 2008 the company recorded a loss before taxation and after exceptional items of � 1,079,939 against a loss of
�602,331 for the year to 31st March 2007. This equated to a loss of 28.0 p (2007:25.0p) per share on a fully diluted basis.
As previously announced, the company exercised its buy back rights in respect of the Southport properties during the year. The small
amount of turnover recognised for the year related to interest earned on the balance due to the Company in relation to this buy back. Due to
delays by the vendor in completing the buy back, it was necessary to obtain a court order requiring the buy back to take place at a
consideration of �2.1 million. An amount of �1.2 million was received in June 2007. Due to the current economic climate, in particular the
UK property residential market, the directors have made a provision for the balance due of �0.9million. The company will be continuing its
legal action to recover the balance of monies due from the vendors of the property.
The company raised gross proceeds of approximately �1million via a placing of 1,492,537 new ordinary shares at 67 pence per share on 4th
April 2007. As a result, the Company has been able to repay all of its borrowing during the current financial year and as at year end had
cash balances of just over �1 million.
The Company is reviewing its options in the light of the economic conditions and considering opportunities to participate in residential
property investment and management. Updates will be announced as appropriate.
C R L Phillips
Chairman
22 September 2008
Un-Audited Income Statement
Year ended 31 March 2008
2008 2007
Note � �
Revenue 103,000 143,826
Cost of sales (20,787) (12,956)
--------------------------- ------------------------
Gross profit 82,213 130,870
Operating costs (132,621) (142,042)
Exceptional Items 3 (1,066,146) (565,160)
Operating loss (1,116,554) (576,332)
Finance Costs (4,178) (25,999)
Finance income 40,793 -
Loss on ordinary activities before taxation (1,079,939) (602,331)
UK Income Tax on loss on ordinary activities (10,961) -
-------------------- ---------------------------
--------
Loss for the financial year (1,090,900) (602,331)============================
==========================
Earnings per share (pence)
Basic and diluted earnings per 2 (28.0) (25.0)
share (pence)
Un-Audited Balance Sheet
31 March 2008
Current assets
Equity and Liabilities
2008 2007
Note � �
Current assets
Inventory 102,641 164,759
Trade and other receivables 4 - 2,296,415
Cash and cash equivalents 1,070,827 -
Total assets 1,173,468 2,461,174
Equity and Liabilities
Share capital 195,119 120,492
Share premium 2,704,907 1,779,534
Retained earnings (1,872,791) (781,891)
Total equity 1,027,235 1,118,135
Liabilities
Current Liabilities
Trade and other payables 5 146,233 564,949
Bank overdrafts 6 - 778,090
Total liabilities 146,233 1,343,039
Total equity & liabilities 1,173,468 2,461,174
===== ====
Un-Audited Cash Flow Statement
Year ended 31 March 2008
2008 2007
� � � �
Cash flow from operating
activities
Loss from operations (1,116,554) (576.332)
Operating cash flow before (1,116,554) (576,332)
movement in working capital
Decrease in inventory 62,118 -
Decrease/(Increase) in 2,285,454 (152,931)
receivables
(Decrease)/Increase in (418,716) 337,022
payables
________ ________
Cash flow from operating 812,302 (392,241)
activities
Interest paid (4,178) (25,999)
________ ________
Net cash flow from operating 808,124 (418,240)
activities
Cash flow from investing
activities
Interest received 40,793 -
________ ________
Net cash flow from investing 40,793 -
activities
Cash flow from financing
activities
Issue of Share Capital 74,627 -
Share premium on issue of 925,373 -
share capital
Share issue expenses - (70,815)
________ ________
Net cash flow generated by 1,000,000 (70,815)
financing activities
________ ________
Movement in cash flow during 1,848,917 (489,055)
the year
Opening cash and cash (778,090) (289,035)
equivalents
________ ________
Closing cash and cash 1,070,827 (778,090)
equivalents
________ ________
NOTES
Year ended 31 March 2008
1. Financial information
The financial information set out above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act
1985. The preliminary results have been reviewed by and agreed with the company's auditors, MacIntyre Hudson LLP, who have indicated that
they will be giving an unqualified opinion in their report on the statutory financial statements. Copies of the annual report and financial
statements for the year ended 31 March 2008 will be sent to shareholders in due course. Further copies will be available from 8 Canfield
Place, London NW9 3BT.
2. Earnings per share
The calculation of earnings per share for the year ended 31 March 2008 is based upon losses after tax of �1,090,900 (2007: �602,331) and
a weighted average number of shares in issue of 3,902,385 (2007: 2,409,848).
3. Exceptional Items
2008 2007
� �
Provision for interest receivable (a) 103,000 143,826
Property fund expenses (b) 72,588 325,000
Trade receivable impairment(c) 890,558 -
Insurance claim - 96,334
_______ ��_____
1,066, _
146 565,160
==== ==
Exceptional Items
a) Provision for interest receivable
In relation to the Southport property, the company obtained a Court Order to recover proceeds of �2,130,758 from the vendors who
developed the property. Interest receivable of �103,000 relating to this has been accrued in the company's accounts. However due to
uncertainty regarding recovery, a provision for this amount has been made in the company's accounts
b) Property fund expenses
These relate to the balance of expenses incurred on the property fund set up for launch during 2008, but which is under review as a
result of current market conditions.
c) Trade receivable impairment
This represents a provision for the amount owing from the vendors on the Southport property.
4. Trade and other receivables
2008 2007
� �
Trade receivables - 2,090,558
Other receivables - 194,896
Deferred taxation - 10,961
------------------------ -------------------------
- 2,296,415
=========== ===============
5. Trade and other payables
2008 2007
� �
Trade payables 94,641 152,000
Other taxation and social security 8,500 1,233
cost
Other payables - 1,921
Accruals and deferred income 43,092 409,795
------------------- -----------------
146,233 564,949
========= =================
6. Bank overdrafts and loans
2008 2007
� �
Bank overdraft - 778,090
======== =========================
7. Statement of Changes in Equity
Share capital Share premium Profit and loss Total equity
� account account �
� �
At 1 April 2006 120,492 1,850,349 (179,560) 1,791,281
Share issue expenses - (70,815) - (70,815)
Loss for year - - (602,331) (602,331)
At 1 April 2007 120,492 1,779,534 (781,891) 1,118,135
Issue of share capital 74,627 925,373 - 1,000,000
Current year loss - - (1,090,900) (1,090,900)
At 31 March 2008 195,119 2,704,907 (1,872,791) 1,027,235
This information is provided by RNS
The company news service from the London Stock Exchange
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